Income Statement For the year ended December 31, 2021 Net sales $3,061,000 Cost of goods sold 1,955,000 Gross profit 1,106,000 Expenses: Operating expenses $863,000 Depreciation expense 29,500 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses 971,500 Net income $ 134,500 nces VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $191,000 86,000 110,000 12.500 $149,000 65,000 140,000 6.600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assotsi Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and stockholders' Equity Current liabilities Accounts payable There mayable 110.000 215,000 275,000 (76.500) 5923,000 0 245,000 215.000 (47.000) $773.500 571,000 7,000 $36.000 3.500 7,000 17,500 3,500 14,500 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 290,000 230,000 305,000 232,500 $923,000 305,000 134,600 $773,600 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Rous to 1 decimal place.) Risk Ratios times 1. Receivables turnover ratio 2. Average collection period 3. Inventory turnover ratio 4. Average days in inventory 5. Current ratio 6 Debt to equity ratio days times days to 1 %